Phoenix says talks with CNOOC for LNG venture continue

ABS-CBN News

Posted at Sep 02 2019 11:14 AM

Phoenix Petroleum COO Henry Albert Fadullon (second from left) and PNOC president and CEO Admiral Reuben Lista (Ret) (third from left) at an LNG facility in Tianjin, China. Handout

MANILA - Phoenix Petroleum said Monday talks with state-run China National Offshore Oil Corporation for a liquefied natural gas terminal in Batangas were ongoing, contrary to a newspaper report.

Davao-based businessman Dennis Uy's oil firm issued the clarification to the stock exchange in response to a Manila Bulletin report that CNOOC was "ghosting" their joint venture, Tanglawan Philippine LNG Inc.

"We have no knowledge on the assertions or contentions made in the article as of date of writing. The Company continues its talks with CNOOC pertaining to the joint venture agreement with CNOOC," Phoenix Petroleum said in a disclosure to the stock exchange. 

In April, Phoenix Petroleum officials along with their Chinese counterparts toured CNOOC's Tianjin facility and checked the firm's technical expertise in building and operating a gas plant. 

Phoenix Petroleum earlier said the project was expected to start operations by end of 2023.